Goldman Sachs to host Badenoch event

Afternoon all,

Goldman Sachs will host a post-Budget roundtable event with Kemi Badenoch, City AM can reveal. The event is set to be one of the Tory leader’s clearest efforts yet to woo back businesses, who are likely to have been stung just days earlier by a probable Budget tax raid on banks.

Meanwhile, a group of venture capital investors has warned that an even higher tax burden would mean kicking the fintech sector when it’s already down.

We’ll be back in your inboxes at 8am tomorrow. In the meantime, have a great evening!

Matt

The Tory leader will co-host a lunch for founders, investors and chief executives from across the UK alongside Goldman Sachs International’s chief executive, Anthony Gutman, City AM understands.

The event will take place at Goldman’s City office on 5 November, just one week after John Healey delivers his Autumn Budget.

In an invitation from Gutman, guests were told the lunch would be an opportunity to engage with Badenoch “on the political and business environment in the UK”.

Start-up investors that fund the UK’s financial technology industry told City AM the sector’s struggles to access cash would be amplified by a tax hike on top banks and increases to capital gains.

“There’s going to be a bunch of indirect effects,” Sanchit Dhote, principal at Outward VC, which was an early stage investor in the likes of Primarybid and Firenze, said.

The Big Four giant’s Europe, Middle East, and Africa region posted a more sluggish 0.7 per cent revenue growth after the fallout from the Iran conflict.

Elsewhere in the Middle East, PwC was also hit with a temporary ban on consultancy work in Saudi Arabia in February 2025 after a fallout the firm had with Saudi’s Public Investment Fund (PIF).

The local authority is weighing up whether to increase the business rates multiplier it charges businesses in the Square Mile, but a member of its finance committee has warned that this would amount to “spreadsheet” thinking. 

While business rates are set nationally and usually absorbed into central government tax receipts, the City of London charges an additional multiplier – known as the City Premium – to cover local services like the City police force. 

The models range from 1991 through to 2023 – the most modern Formula 1 car ever offered for private ownership – and are expected to go for between £5m and £10m apiece when McLaren sell a small chunk of their vast collection.

“We have decided to part with these iconic McLaren Formula 1 cars because we feel that having them simply sitting in storage is a disservice to what they represent,” the team’s chief Zak Brown said. 

Global demand for Scotch appears to be holding up reasonably well, but there is clearly no shortage of supply. With bulging warehouses, distillers have cut production, causing real grief to the farmers and maltsters who supply them. Ron Emler investigates…

New inheritance tax rules will drastically alter how people use their pensions, and put a lot of individuals in difficult positions, writes Steve Gauke.

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